Now through July 31, 2017, First Federal Lakewood (FFL) is offering a one-year guaranteed 1.28% APY on its Select Money Market Account. The minimum opening deposit $1k of new money, with a balance cap of $1m. The initial APY for balances greater than $1m is 0.45% APY, with balances less than $1k earning 0.05% APY during the one-year guarantee. On day 366, all rate tiers will equal what is offered on the regular Select Money Market Account.
Select Money Market Account Details
- Only one promotional rate per household.
- Must maintain or open a new FFL checking account.
- Checking relationship must be maintained throughout the promotion, or the promotional rate may be forfeited.
- There is a $10 monthly service fee that can be waived if a $1k minimum average daily balance is maintained during the first 365 days. Beginning day 366, a minimum $10k average daily balance is required to avoid the $10 monthly service fee.
- There is a $5 for each transfer beyond the first six fee-free transfers during a statement cycle.
- If the Select Money Market account is closed within 365 days of opened, a $50 Early Closeout Fee will be levied.
Complete details can be found on the Account Disclosure page.
Thanks to DA reader, drew95, for his Forum post about FFL’s new money market account.
Headquartered in Lakewood, Ohio, First Federal Lakewood offers it services and product line to all residents of Ohio, 18 years or older.
Opening a Select Money Market Account can be done online, or at any of the 18 northeast Ohio branches located in Avon, Avon Lake, Brunswick, Chagrin Falls, Cleveland, Fairview Park, Garfield Heights, Lakewood, North Ridgeville, North Olmsted, North Royalton, Olmsted Falls, Painesville, Parma, Rocky River, Strongsville, and Westlake (2).
First Federal Lakewood has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.82% (excellent) based on December 31, 2016. In the past year, the Bank has increased its total non-brokered deposits by $15.14 million, an above average annual growth rate of 1.17%. Please refer to our financial overview of First Federal Lakewood (FDIC Certificate # 29488) for more details.
Founded in 1935 as the First Federal Savings and Loan Association, First Federal Lakewood is Ohio’s largest independent depositor-owned bank, with assets in excess of $1.6 billion. Almost two years ago, the Bank reorganized as a mutual holding company structure. According to a PR Newswire article,
This structure is expected to facilitate diversification, including the possible affiliation with smaller mutual banks. The mutual holding company structure will also provide a platform to capitalize on the bank's financial strength and success, and offer First Federal Lakewood significant long-term operating efficiencies and increased competitiveness.
How the Select Money Market Compares
When compared to the 221 Money Market Accounts tracked by DepositAccounts.com that are available to residents of Ohio, First Federal Lakewood's Select Money Market APY currently ranks first.
The above rates are accurate as of 5/4/2017.